Solar Thermal Market to be Worth 767.73 GW by 2026; Rising Adoption of Clean Fuel Alternatives to Aid in Expansion of Market

The global solar thermal market is expected to be worth 767.73 GW by 2026, foretells a report by Fortune Business Insights™ titled, “Solar Thermal Market Size, Share & Industry Analysis, By Collector Type (Evacuated Tube Collector, Flat Plate Collector, Unglazed Water Collector, Air Collector), By Type of System (Thermosiphon Solar Heating Systems, Pumped Solar Heating System) By Application (Domestic Hot Water Systems, Large DHW Systems, Solar Combi Systems, Swimming Pool Heating, Others), and Regional Forecast, 2019-2026.”As per the market analysis, the global market earned 496.15 GW in 2018. The market is expected to exhibit a 5.6 % CAGR within the forecast duration of 2019 to 2026.

The evacuated tube collector segment is likely to gain the highest solar thermal energy market share based on the collector type. This dominance is attributable to its operational advantages as compared to the other collector types.

Stringent Government Norms Related to Controlling Greenhouse Gas Emissions to Drive Market

Various factors are responsible for the solar thermal energy market growth. Firstly, there is a rise in demand for clean energy for the utilization of various residential, industrial and commercial purposes. Adding to that, there are stringent government regulations on environment protection. This is further propelling the need to control greenhouse gas emissions. This, in the long run, is anticipated to help increase the overall solar thermal power market size in the forecast period.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/solar-thermal-market-101920

Detailed Segmentation of Solar Thermal Market

• Collector Type –  With respect to segmentation by collector type, the market is categorized into flat plate collector, air collector, evacuated tube collector, and unglazed collector. Among these, the evacuated tube collectors segment is holding a dominant share in the market on account of its operational advantages as compared to other collector types.  In 2018, the evacuated tube collectors segment accounted for 70.7% solar thermal market share.


• System – Based on Type of system, the solar thermal market is bifurcated into the pumped solar heating system and thermosiphon solar heating systems. In the recent past, the pumped solar heating systems segment was overpowered by the thermosiphon systems. These systems are more preferred in geographies where the temperature is warm such as Europe, South America, Africa, and the Middle East and Africa nations. In 2017, more than half of the total solar thermal systems installed were thermosiphon systems.


•  Application – On the basis of application, the market is segmented into large DHW systems, domestic hot water systems, swimming pool heating, solar combi systems, and others. The application of solar thermal power systems varies region wise. Various applications of the solar thermal energy market are based on the specific requirements of a particular region.


• Region- From a geographical perspective, the market is widespread in the following nations, namely North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, Asia Pacific is likely to dominate the market on account of increasing demand for energy to suffice to the needs of the growing population. In 2018, Asia Pacific generated earned 375.54 GW of solar thermal energy market size. This is attributable to the rapidly increasing urbanization, coupled with the increasing demand for power from all residential, industrial and commercial sectors.

Investors Pouring Huge Sums to Produce Efficient Solar Thermal Systems

The competitive landscape of the solar thermal energy market is fragmented with the presence of international as well as regional players. Companies operating in this market are investing huge sums in research and development of thermal systems with more efficient operations and the ability to capture more solar energy derived from the sun.

Recent key industry developments of the solar thermal power market include:

• November 2019 –The synchronization of the turbine at the Luneng Haixi 50GW solar thermal power plant, China, was carried out successfully by Abengoa. This project is conducted as a part of the renewable energy program launched by the Chinese government since 2018. This plant aims at achieving a solar thermal installed base with a capacity of at least 27 GW by the end of 2030.


• November 2019 – The launch of commercially concentrated solar energy for exceeding temperatures above 1000 degrees called ‘Heliogen,’ was announced by a clean energy company in Lanchester, California. Heliogen is anticipated to take the place of fossil fuels in the near future. This will be applicable in cement production, steel production, and petrochemicals and also help in reducing the emission of greenhouse gases into the atmosphere.

Some of the key solar thermal power market manufacturers are as follows:

• Parvolen CSP Technologies


• SolarReserve


• BrightSource Energy


• Sener


• Torresol Energy


• Abengoa Solar


• Lointek


• Trivelli Energia


• Siemens


• SCHOTT


• Abors green GmbH


• Acciona

The global solar thermal energy market is categorized in the following manner: